In the 1980s, self-driving cars and smartphones without antennas were only things youâd see in movies â unimaginable futuristic goals. Now, these âimpossibleâ inventions are part of peopleâs everyday lives. These innovative ideas were thought to be outlandish years ago until creators like Elon Musk and IBMâs team put their impossible goals to the test.
Impossible goals are things you want to achieve that seem out of the ordinary â ones that feel as if you may never reach them, even in your wildest dreams. These goals could be turning your dream side hustle into a full-time job or building your savings from zero in the next year to buy your dream home.
While the end result seems unreachable, a mix of motivation, determination, and hard work can get you further than you think. To see the strategic process of setting and achieving your biggest life goals, keep reading our jump to our infographic below.
Whatâs an Impossible Goal?
An impossible goal is a goal you think you could never achieve. Becoming a millionaire, buying your dream home, or starting a business may be your life goal, but one too big that you never set out to achieve. Instead, you may stick to your current routine and believe you should live life in the comfort zone.
Becoming a millionaire usually requires investing time, confidence, and a lot of hard work â things that may challenge you. But when you think about the highest achievers, most of them had to put in the effort and believe in themselves when nobody else did.
Flashback to 1995 when nobody believed in the âinternet storeâ that came to be Amazon. While that was considered impossible years ago, Amazonâs now made over $280 billion dollars.
In other words, when you make your impossible goals a priority, you may be pleasantly surprised by your progress. We share how to set hard financial goals, why you should set them, and how these goals could transform your financial portfolio this year.
4 Reasons to Reach for the âImpossibleâ
Impossible goals challenge you to shift your way of thinking â getting comfortable out of the safety zone. They help fine-tune your focus for daunting tasks youâre willing to put in the time and work for. Whether youâre looking to become a millionaire, buy your dream house, or pay down your debts, hereâs why you should set goals for things you think you could never achieve.
1. You May Be Pleasantly Surprised
Everything seems impossible until you do it. When youâre in elementary school, maybe you thought getting a four-year college degree would be out of reach. Regardless, you put in the time and hard work to become a college grad years later. The same goes for your potential goal to write a book. You may think itâs hopeless to write a few hundred pages in the next year, but you may find it attainable once you hit the halfway point.
2. You Check Off Micro-Goals Along the Way
Itâs hard to set your goals too low when youâre trying to reach for the stars. In the past, you may have set small goals like being more mindful with your money. While mindfulness practices are extremely beneficial for your budget, you may need more of a push to save for your dream home. By setting impossible goals, you may find it easier to reach your savings goal this year. You may have no idea how to do it, but your goal is to figure it out. Side hustles, a new job, or starting a business are all potential starting points.
3. It May Not Be as Hard as You Think
It can be uncomfortable to try something for the first time, so to avoid the doubts of reaching your goals, create a strategic plan. Download and print out our printable to breakdown each impossible goal. Start with your big goals and break them down into mini-goals. For example, if you want to start an online ecommerce store, researching the perfect website platform is a good starting point.
4. What Do You Have to Lose?
If you already live a comfortable life, you may only have experiences to gain and nothing to lose. When embarking on this journey, check in with yourself every month. Note all the lessons you learned and how far youâve come. You most likely will face failures, but youâll be failing forward rather than backwards. Your first ecommerce product launch may not have gone smoothly, but you may know how to improve for the next time around.
How To Set Impossible Budgeting Goals in 6 Steps
If your impossible goal is related to finances, your mindfulness, time, and dedication will be required to put you on a path towards your dream life. To get started, follow our step-by-step guide below.
Step 1: Map Out Your Dream Lifestyle
Get out a journal and map out your dream life. Some starter questions may be:
Do you want to afford that house youâve always dreamt about?
Do you want to have a certain amount of money in your savings?
Are you hoping to turn your side hustle into a full-time job?
What do you find yourself daydreaming about?
Track all these daydreams in a notebook and curate the perfect action plan to achieve each goal.
Step 2: Outline Micro-goals to Reach Your Financial Goals
Now, list out mini-goals to achieve your desires. Start with the big âunachievableâ goal and break it down into medium and small goals, then assign each mini-goal a due date. For example, saving $10,000 this year may take more than your current monthly earnings. To achieve this, you may create passive income streams. If that side hustle is to start a money-making blog, you may need to research steps to successfully launch your website.
Step 3: Believe and Act Like Your Future Self
Think of yourself as the future self you want to be. You may picture yourself with a certain home, financial portfolio, and lifestyle, but your current actions may not reflect your future self. Your future self may invest, but your current self is too intimidated to start. To act like your future self, consider doing the research and finding low-risk investments that suit you and your budget.
Step 4: If You Fail, Learn from Your Mistakes
When working towards your dream life, you may hit roadblocks and experience failures. As Oprah explains it, âthere is no such thing as failure. Failure is just life trying to move us in another direction.â While failure may happen, youâre able to learn from it and pivot. Every mistake you make, analyze it in your journal. Note what worked, what didnât, and what you want to do better tomorrow to surpass this roadblock.
Step 5: Track Your Results Consistently
Host monthly meetings with yourself to see how far youâve come. Consider creating a goal tracking system that suits you best. That may include checking your budgeting goals off in our app month after month. Find a system that works for you and note your growth at the end of each month. If youâre putting in the time and hard work, youâll get closer to your goals in no time.
Step 6: Be Patient With Your Budget Goals
Throughout this journey, practice patience. Setting goals may be exciting and motivating, but when youâre faced with failures, you may feel hints of disappointment. To avoid a failure slump, be patient and open to learn from your mistakes. If you didnât make what you wanted from your side hustle the first year, youâre that much closer than you were last year.
Why set your sights on hard goals? Everything feels out of reach until you do it. All it takes is motivation and determination to achieve the impossible. To boost your lifestyle, budget, and drive this New Year, consider setting goals that feel out of reach. Keep reading to see why these goals may be perfect for you. Why Set Impossible Goals for 2021? [The Ultimate New Yearâs Savings Hack] appeared first on MintLife Blog.
Before the coronavirus reached the U.S., unemployment was low and few could have anticipated a global pandemic. However, as the pandemic and ensuing recession took hold, a record-breaking number of people filed for unemployment benefits to stay financially afloat.
âCOVID-19 led to an incredible number of American workers being without work,â says Julia Simon-Mishel, an unemployment compensation attorney. âAnd itâs caused a huge need for individuals to file for unemployment insurance.â
Unemployment insurance, or unemployment benefits, can offer an essential lifeline. But if youâve never accessed these benefits before, you may have questions about how they work. You might also be asking: What do I do when my unemployment benefits run out and Iâm still unemployed?
This article1 offers tips about what you need to know about filing an unemployment claim. It also addresses the following questions:
How do you prepare for the end of unemployment benefits?
Can your unemployment benefits be extended?
What can you do when unemployment runs out?
Can you refile for unemployment after it runs out?
If youâre just getting ready to file or need a refresher on the basics of unemployment benefits, read on to have your questions answered.
If youâre already collecting benefits and want to know what happens once you reach the end of the benefit period, skip ahead to âSteps to take before your unemployment benefits run out.â
Common questions about unemployment benefits
Experiencing a job loss is challenging no matter what. Keep in mind that youâre not alone, and remember that unemployment benefits were created to help you.
While theyâre designed to provide financial relief, unemployment benefits are not always easy to navigate. Hereâs what you need to know to understand how unemployment benefits work:
What are unemployment benefits?
Unemployment insurance provides people who have lost their job with temporary income while they search for and land another job. The amount provided and time period the benefits last may vary by state. Generally, most states offer up to half of a personâs previous wages in unemployment benefits for 26 weeks or until you land another full-time job, whichever comes first. Requirements and eligibility may vary, so be sure to check your stateâs unemployment agency for guidance.
How do you apply for unemployment benefits?
Depending on where you live, claims may be filed in person, by phone or online. Check your state governmentâs website for details.
Who can file an unemployment claim?
This also may vary from state to state, but eligibility typically requires that you lost your job or were furloughed through no fault of your own, in addition to meeting work and wage requirements. During the coronavirus pandemic, the government loosened restrictions, extending unemployment benefits to gig workers and the self-employed.
When should you apply for unemployment benefits?
Short answer: As soon as possible after you lose your job. âIf you are someone who has had steady W2 work, itâs important that you file for unemployment the moment you lose work,â Simon-Mishel says. The longer you wait to file, the longer youâre likely to wait to get paid.
When do you receive unemployment benefits?
Generally, if you are eligible, you can expect to receive your first benefit check two to three weeks after you file your claim. Of course, this may differ based on your state or if thereâs a surge of people filing claims.
2020 enhancements to unemployment benefits for freelance and contract workers
In early 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. In addition to other benefits, the CARES Act created a new program called Pandemic Unemployment Assistance. This program provides unemployment benefits to independent contractors and other workers who were typically ineligible. That means that if you donât have steady W2 incomeâfor instance, freelance and contract workers, those who file 1099s, farmers and the self-employedâyou still may qualify for unemployment benefits.
âThat program is a retroactive payout,â Simon-Mishel says. âIf youâre just finding out about that program several months after losing your job, you should be able to file and get benefits going back to when you lost work.â
Because legislation affecting unemployment benefits continues to evolve, itâs important that you keep an eye out for any additional stimulus programs that can extend unemployment benefits. Be sure to regularly check your stateâs unemployment insurance program page for updates.
“Itâs really important to keep on top of all the information out there right now and be aware of what benefits are available to you.”
Steps to take before your unemployment benefits run out
In a perfect world, your job leads would become offers long before you reached the end of your unemployment benefits. But in reality, thatâs not always the case.
If youâre still unemployed but havenât yet exhausted your benefits and extensions, you may want to prepare for the end of your unemployment benefits as early as possible so you donât become financially overwhelmed. Here are four tips to help you get through this time:
Talk to service providers
Reaching out to your utility service providers like your gas, electric or water company is one of the first steps John Schmoll, creator of personal finance blog Frugal Rules, suggests taking if youâre preparing for the end of unemployment benefits.
âA lot of times, either out of shame or just not knowing, people donât contact service providers and let them know what their situation is,â Schmoll says. â[Contact them to] see what programs they have in place to help you reduce your spending, and basically save as much of that as possible to help stretch your budget even further.â
Save what you can
To help prepare for the end of your unemployment benefits, a few months before your benefits end, Schmoll suggests cutting back spending as much as possible, focusing only on necessities.
âIf you can try and save something out of the benefits that youâre receiving while youâre receiving themâit doesnât matter if itâs $10 or $20âthatâs going to help provide some cushion,â Schmoll says. Keep those funds in a separate account if you can, so youâre not tempted to spend them. That way youâre more prepared in case of an emergency.
If you hunkered down during your period of unemployment and were able to save, try to resist the urge to splurge on things that arenât necessary.
âThere might be temptation to overspend, but curtail that and focus on true necessities,â Schmoll says. âThat way when [or if] you receive an extension on your benefits, you now have that extra money saved.â
Seek additional financial aid
If you find that your savings and benefits arenât covering your expenses, and youâre reaching a point where you no longer qualify for benefits, look into other new benefit programs or features designed to help during times of crisis.
For example, there are programs across the country to assist people with rent or mortgages, Simon-Mishel says. Those programs are generally designed to keep those facing financial hardship from losing their home or apartment. You may need to show that you are within the programsâ income limits to qualify, or demonstrate that your rent is more than 30 percent of your income. These programs vary widely at the state and even city level, so check your local government website to see what might be available to you.
As you prepare for the end of your unemployment benefits, explore which government benefits or government agency may be best suited for your needs.
Keep up with the news
During economic downturns, government programs and funds often change to keep up with evolving demand.
âItâs really important to keep on top of all the information out there right now and be aware of what benefits are available to you,â says Simon-Mishel. âYou should closely pay attention to the social media of your state unemployment agency and local news about other extension programs that might be added and that you might be eligible for.â
Options for extending your unemployment benefits
If youâre currently receiving benefits, but theyâll be ending soon, youâre likely wondering what to do when your unemployment runs out and asking if your unemployment benefits can be extended. Start by confirming when you first filed your claim because that will determine your benefit end date.
If youâre wondering, âCan you refile for unemployment after it runs out?â the answer is yes, but youâll have to wait until your current âbenefit yearâ expires. Note that a benefit year is 12 months from when you file a claim. If you filed at the beginning of June, for example, you generally can’t file again until the beginning of the following June.
You may get 26 weeks of unemployment benefits, depending on your stateâs rules at the time. Most states extended the payout period to 39 weeks in the wake of the COVID-19 crisis. Check your stateâs website for the particulars on what to do when your unemployment runs out.
If your claim is still active but youâll be in need of additional financial relief after your unemployment benefits run out, here are your options:
File for an unemployment extension
During extraordinary economic times, such as the coronavirus pandemic, the federal government may use legislation like the CARES Act to offer people more benefits for a longer period of time, helping many people concerned about whether unemployment benefits can be extended.
For example, in 2020, for most workers who exhaust, or receive all of, their unemployment benefits, a 13-week extension should automatically kick in, Simon-Mishel says. This would bring you up to 39 weeks total. However, if more than a year has passed since you originally filed and you need the extension, you will likely need to file a short application provided by the government. Details vary by state.
As youâre determining what to do when your unemployment runs out, reach out to your unemployment office. Itâs important to do this before your benefits expire so you can avoid a missed payment. You can also confirm youâre eligible and that you can refile for unemployment after it runs out.
Ask about the Extended Benefits program in your state
Can unemployment benefits be extended beyond that? In periods of high unemployment, you may qualify for a second extension, depending on your state.
âAfter those [first] 13 weeks, many states have added a new program called Extended Benefits that can provide another 13 to 20 weeks of unemployment when a state is experiencing high unemployment,â Simon-Mishel adds. This means you may be able to receive a total of up to 59 weeks of unemployment benefits, including extensions. The total number of weeks of unemployment you may receive varies based on your state and the economic climate.
Itâs hard enough keeping up with everything as you prepare for the end of unemployment benefits, so donât worry if you donât have your stateâs benefits program memorized. Visit your stateâs unemployment insurance program page to learn more about what benefits are available to you.
Beyond unemployment benefits
While life and your finances may seem rocky now, know that youâre not alone. Remember that there are resources available to help support you, and try to take things one day at a time, Schmoll says.
âRealize that at some point your current situation will improve.â
If you find that your benefits arenât covering all of your expenses, now may be the time to dip into your cash reserve. Explore these tips to determine when itâs time to use your emergency fund.
1 This article is not legal advice and should not be construed as such. Eligibility for unemployment benefits may be impacted by variations in state programs, changes in programs, and your circumstances. If you have questions, you should consider consulting with your legal counsel, at your expense, or seek free assistance from your local legal aid organization.
Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
The post How to Prepare for the End of Your Unemployment Benefits appeared first on Discover Bank – Banking Topics Blog.